Monolithic Power Systems (MPS) announced financial results for the quarter ended March 31, 2011. Net revenues were $44.5 million, a decrease from $47.1 million in the fourth quarter of 2010 and $50.3 million in the first quarter of 2010. Gross margin was 50.2%, a decrease from 50.5% in the fourth quarter of 2010 and 58.3% in the first quarter of 2010.
GAAP operating expenses were $20.4 million, including $19.6 million for research and development and selling, general and administrative expenses, which includes $2.9 million for stock-based compensation, and $0.8 million for litigation expenses. Comparatively, for the three months ended March 31, 2010, GAAP operating expenses were $23.0 million, including $21.4 million for research and development and selling, general and administrative expenses, which includes $3.9 million for stock-based compensation and $1.6 million for litigation expenses. Non-GAAP operating expenses were $17.5 million, excluding $2.9 million for stock-based compensation, compared to $19.1 million, excluding $3.9 million for stock-based compensation for the three months ended March 31, 2010.